Varonis Systems Inc (VRNS) Downgraded by Zacks Investment Research to “Hold”

Varonis Systems Inc (NASDAQ:VRNS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

According to Zacks, “Varonis Systems Inc. provides an innovative software platform that allows enterprises to map, analyze, manage and migrate their unstructured data. Its products include DatAdvantage, DataPrivilege, IDU Classification Framework, Data Transport Engine and DatAnywhere. The company sells its products to small and medium businesses, and large multinational enterprises in financial services, consumer and retail, industrial, healthcare, and energy and utilities industries. Varonis Systems Inc. is headquartered in New York. “

Several other analysts have also commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $43.00 price objective (up from $38.00) on shares of Varonis Systems in a report on Monday, May 8th. Imperial Capital raised their price objective on shares of Varonis Systems from $35.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, May 8th. Barclays PLC restated a “hold” rating and issued a $37.00 price objective on shares of Varonis Systems in a report on Sunday, May 7th. Stifel Nicolaus raised their price objective on shares of Varonis Systems from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $40.00 price objective (up from $39.00) on shares of Varonis Systems in a report on Friday, May 5th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $37.55.

Analyst Recommendations for Varonis Systems (NASDAQ:VRNS)

Varonis Systems (NASDAQ:VRNS) opened at 35.15 on Friday. The stock has a 50 day moving average price of $31.78 and a 200 day moving average price of $29.24. The company’s market capitalization is $956.64 million. Varonis Systems has a 52-week low of $21.54 and a 52-week high of $36.95.

Varonis Systems (NASDAQ:VRNS) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.07. Varonis Systems had a negative net margin of 10.77% and a negative return on equity of 22.63%. The business had revenue of $40.40 million during the quarter, compared to analyst estimates of $37.45 million. During the same period last year, the business posted ($0.29) earnings per share. Varonis Systems’s quarterly revenue was up 32.5% compared to the same quarter last year.

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In other Varonis Systems news, major shareholder Iv L.P. Evergreen sold 36,349 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $27.51, for a total transaction of $999,960.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ohad Korkus sold 97,844 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $32.01, for a total transaction of $3,131,986.44. Following the transaction, the insider now directly owns 676,798 shares of the company’s stock, valued at approximately $21,664,303.98. The disclosure for this sale can be found here. Insiders have sold 708,940 shares of company stock valued at $22,500,127 in the last ninety days. Insiders own 31.40% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC increased its position in shares of Varonis Systems by 6.1% in the first quarter. Jennison Associates LLC now owns 1,971,574 shares of the technology company’s stock worth $62,696,000 after buying an additional 112,573 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Varonis Systems by 30.4% in the first quarter. Vanguard Group Inc. now owns 744,340 shares of the technology company’s stock worth $23,670,000 after buying an additional 173,332 shares in the last quarter. Emerald Advisers Inc. PA increased its position in shares of Varonis Systems by 35.1% in the first quarter. Emerald Advisers Inc. PA now owns 724,245 shares of the technology company’s stock worth $23,031,000 after buying an additional 188,249 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Varonis Systems by 14,598.8% in the first quarter. Penserra Capital Management LLC now owns 559,142 shares of the technology company’s stock worth $17,780,000 after buying an additional 555,338 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its position in shares of Varonis Systems by 37.4% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 553,215 shares of the technology company’s stock worth $17,592,000 after buying an additional 150,660 shares in the last quarter. 47.22% of the stock is owned by institutional investors and hedge funds.

About Varonis Systems

Varonis Systems, Inc provides a solutions that protect data from insider threats and cyberattacks. The Company’s products include DatAdvantage, DataPrivilege, Interface Data Unit Classification Framework, Data Transport Engine, DatAnywhere and DatAnswers. Its platform allows enterprises to analyze, secure, manage and migrate volumes of unstructured data.

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